Travel Tip: How Cars & Boats Have Entered the Sharing Economy

Airbnb revolutionized, if not defined, the sharing economy.

But now the Airbnb concept has been extended to other aspects of the travel industry, including cars and boats.

How many cars sit idle in airport parking lots?

There’s now a service that will put your car in the rental pool.

It’s less expensive than going through a traditional rental car company, and you’re earning money—and not paying excessive parking fees.

There are also services that do the same thing for recreational boats.

This is a great option for folks who don’t want to own a car or boat.

Like the early days of Airbnb, there are challenges and legal risks, such as taxes, licensing, and liability, in case something goes wrong.

So as attractive as these new services may sound, do your homework before you rent someone’s private vehicle or private vessel.

Understand what is—and who is—insured.

If you don’t do your homework, you could easily find yourself with a very expensive rental if there’s an accident or mechanical breakdown.

For more information about the sharing economy, check out:

Must Read